Sunday, 20 September 2020, 11:08 PM

Site: Plateforme de Claude Amenc I&C
Course: Plateforme de Claude Amenc I&C (Accueil)
Glossary: Glossary


Accelerated cost recovery system: (US Only) A form of accelerated depreciation enacted by the US Congress in 1981 and modified in 1986. The 1986 modification, known as MACRS (Modified ACRS), is currently applied by many US companies to a class of assets that includes computing equipment (See Depreciation schedule).
Account: The place for recording changes in value (additions and subtractions) related to a single asset, liability, or owner's equity item, including revenues and expenses. In a company's general ledger, for instance, there may be separate accounts for such things as computing equipment, professional salaries, electricity expense, as well as cash and accounts receivable.

FR: Compte
Asset: An item of value owned or controlled by the entity, which was acquired at a measurable cost. Note that in CaseView, "Asset" means "Capital Asset".

Capital Asset: A long-lived asset, usually a tangible asset. These items go on the company’s balance sheet (they are "capitalized"), are usually paid for out of a capital budget, and are approved for purchase through a capital review process. In order to qualify as a capital asset, the item may have to cost more than a specified amount, and it may need to have a useful life of more than one year.

For accounting purposes, other important asset categories include:

  • Current assets: Cash and other assets that are expected to be (or could be) converted into cash or used up in the near future, usually within a year. Accounts receivables and finished goods inventory, for instance, are often classified as current assets. Contrast with fixed assets.
  • Fixed assets: Tangible property owned by the corporation or entity, that is not used up, consumed, or converted into cash during normal business operations. Factory machinery, buildings, and large computer systems are typical fixed assets. Contrast with current assets.
  • Intangible assets: An asset that has no physical substance, such as goodwill, trademarks, patents, or the protection provided by an insurance policy. Even though they have no physical substance, intangible assets can and often do appear on the balance sheet. Contrast with tangible asset.
  • Tangible assets: An asset that has physical substance, such as land, buildings, computing equipment, or cash (and often, accounts receivable, even though it could be argued that they do not have physical existence. Contrast with intangible asset.
  • Wasting assets: assets including natural resources, such as oil, which are consumed or used up in the course of business.

    FR: Elément d'actif

  • Audit: Professional inspection of accounting records and data, to render an opinion about a company’s (or other entity’s) financial statements, regarding their fairness, accuracy, and conformity with generally accepted accounting principles.

    FR: Audit
    Auditor’s opinion:

    (Also called accountant’s opinion, or auditor’s statement). The statement signed by an external auditor, expressing an opinion as to the fairness of financial statements and their conformity to generally accepted accounting principles.

    FR: Opinion


    Bad debt:

    An account receivable that never will be collected. See allowance for doubtful accounts.

    FR: Créance irrécouvrable


    Strategy: pending ....